Bitcoin price reached its all-time high to gaining $1,377 across main Bitcoin exchanges in Japan and the United States, such as Bitstamp and Bitflyer. Such analysts as BKCM chief executive Officer, Brian Kelly stated the latest upward trend of Bitcoin price to the examination of the Bitcoin Exchange Traded Fund created by famous Winklevoss brothers’ proposal. Even as Brian Kelly noted that the possibility of the United States Securities and Exchange Commission approving a Bitcoin Exchange Traded Fund in the future is very low, traders are quite constructive concerning the situation.
Brian Kelly said:
“The United States Securities and Exchange Commission is involved in how most of the markets for Bitcoin has traded outside of the United States without a regulatory oversight. As of this point, I don’t assume the United States Securities and Exchange Commission would approve the Exchange Traded Fund. What might change my mind is if the Exchange Traded Fund or the United States Securities and Exchange Commission just traded Bitcoin on regulated exchanges.”
Disapproval of the COIN Exchange Traded Fund led Bitcoin price to plunge within several minutes, from $1200 to $980. However then, Bitcoin price recovered incredibly fast and maintained an upward trend earlier than the declaration of the United States Securities and Exchange Commission to examine again the Bitcoin Exchange Traded Fund of the Winklevoss Twins. In truth, Bitcoin price stabilized at almost $1,300 before the announcement of the United States Securities and Exchange Commission.
Consequently, the question on whether the Bitcoin Exchange Traded Fund inspecting process has affect over Bitcoin is absolutely speculative and inconclusive. Moreover, most people of the marketplace believes the United States Securities and Exchange Commission will not approve the COIN Exchange Traded Fund because of the same motives it supplied within the past. However, the lack of regulation in overseas marketplace as defined by the United States Securities and Exchange Commission remains the same as it was in March when the United States Securities and Exchange Commission denied the Bitcoin Exchange Traded Fund.
The Bitcoin’s explosive increase in Japan due to the authorities’ legalization of Bitcoin is continuing to trigger a growth within the demand for Bitcoin. Remaining week, arbitrage within the United States marketplace resulted from unresolved problems among Bitcoin exchanges including Bitfinex and their respective intermediary banks bloated the Bitcoin price, to the factor wherein main Bitcoin exchange operators such as Bitstamp chief executive Officer Nejc Kodric expressed his concern over marketplace instability.
Nejc Kodric stated:
“There are three things that an exchange may have problem with. The first is having a hack, the second one thing is being shut down or warned or something round regulators and the third is getting your accounts shut down. You can survive the first two but the third is a huge one. That’s a lethal injection for an exchange.”
During the last few days, Bitcoin price listed on JAPAN’S exchange marketplace reached parity with that of the United States marketplace. However, on April 28 the Japanese exchange marketplace even started to show a better Bitcoin buying and selling price over the United States marketplace at $1,330.